May 26, 2020 (Market Insight Reports) -- Global Electric Submersible Pumps (ESP) Market - Growth, Trends, And Forecast (2020 - 2024)
The report presents an in-depth assessment of the Global Electric Submersible Pumps (ESP) including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles, and strategies. The report also presents forecasts for Global Electric Submersible Pumps (ESP) investments from 2020 till 2024.
The Global Electric Submersible Pumps (ESP) market is highly competitive and consists of a number of major players. Companies, like Baker Hughes A GE Company, Schlumberger Limited, Halliburton Company, Borets International Limited, ALKHORAYEF PETROLEUM, DOS Canada Inc, Weatherford International, ESP Ltd, Extract Artificial Lift, NOVOMET among others.
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The market for electric submersible pumps (ESP) is expected to grow at a CAGR of 6.09% during the forecast period of 2019 – 2024. Major factors driving the market studied include the increasing number of mature fields, and the adoption of ESPs by oil and gas operators due to the operational advantages of ESP over other forms of artificial lift. However, ESP run times can be severely compromised in high sand and solid content environments. The performance also degrades while pumping viscous fluids or high gas-to-liquid ratio mixtures. Therefore, the associated failure and downtime risk with ESP is expected to hinder the market growth.
– The onshore sector accounts for the largest share in the electric submersible pumps market owing to the increasing number of mature fields in the sector.
– Developments of potential shale reserves around the world are expected to create significant opportunities for ESPs in the future.
– North America dominated the market across the globe with the majority of the demand coming from the United States.
Key Market Trends:
Increasing Demand from Onshore Oil and Gas Sector
– The onshore oil and gas sector accounts for the largest share in the electric submersible pumps market. In 2018, the average global onshore rig count reached 1987 rigs, representing an increase of 9.7% over the previous year, in turn, is boosting the demand for ESPs.
– In April 2018, the National Hydrocarbons Commission (CNH) of Mexico published the drafts of the bidding terms, license contracts, and joint operating agreement for PEMEX new onshore Farm Outs, with the purpose of developing exploration and extraction activities in 7 different contractual areas. These onshore farm-outs also aim to revive mature assets in the Cardenas-Mora and Ogarrio fields with the help of artificial lift systems.
– Also, growing focus toward heavy oil reservoirs, coupled with the requirement of ESP systems in shale reservoirs, is expected to drive the business growth.
– Adding to this, the Marginal/Stripper wells which produce less than ten barrels of oil or 60,000 cubic feet of natural gas per day require additional technological aid to increase its production. Factors such as increasing the number of marginal and stripper wells, coupled with the growing demand to produce oil at the minimum cost is likely to drive the demand for ESPs in the coming years.
– Therefore, the increase in the number of wells drilled along with the demand for low-cost production solutions is expected to augment the demand for ESPs in the onshore sector over the forecast period.
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The report provides key statistics on the market status of the Electric Submersible Pumps (ESP) market manufacturers and is a valuable source of guidance and direction.
The report provides a basic overview of the industry including its definition, applications, and manufacturing technology.
The Electric Submersible Pumps (ESP) market report presents the company profile, product specifications, capacity, production value, and 2015-2020 market shares for key vendors.
The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
The report estimates the 2020-2024 market development trends of Electric Submersible Pumps (ESP) Market.
Analysis of upstream raw materials, downstream demand and current market dynamics is also carried out